House OKs Mortgage Rescue Bill - Is this really a “Mortgage Bail Out ?”

July 25, 2008

On Wednesday the House voted 272-152 to pass legislation that will offer up to $300 billion in assistance to troubled homeowners and offer government support for Fannie Mae and Freddie Mac.
This is a a 700 page bill that includes many moving parts. President Bush has been long threatening to veto this bill as package [...]

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CalHFA Announces 100% Financing, Discount Rates, Discount PMI on Bank Owned Homes in Hardest Hit California Cities - CalHFA Community Stabilization Home Loan Program

July 23, 2008

July 23rd 2008 - JUST RELEASED!

Thisconventional first mortgage loan program features a below market,30-year, fixed interest rate, fully amortized loan reserved for REOproperties of participating financial institutions. It has a maximumLTV limit of 100% and may be used with CalHFA’s CHDAP and Fannie Maeeligible Community Seconds® programs (which are designated on CalHFA’sAHPP list as [...]

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Great News for First Time Homebuyers: Fannie Mae announces National Down Payment Policy Replaces Maximum Financing in Declining Markets Policy

May 31, 2008

This is GREAT News for first time home buyers! As this market begins to correct itself and new underwriting and credit guidelines are being established, Fannie mae announced on May 16th, 2008 that it is replacing it’s Declining Markets Policy with a new Down Payment Policy.
The Declining Markets Policy basically said that if a [...]

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How to buy homes in California at Rock Bottom Prices

May 21, 2008

I’m going to start by sharing with you several tried and true ways to NOT buy homes in California for Rock Bottom Prices!

1. Wait for interest rates to drop
2. Wait for the bottom of the market
3. Advise your Realtor to make an offer on a short sale for .50 on the dollar
Alright, now [...]

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What to Expect When Buying Bank Owned REO Homes in California

May 15, 2008

There was recently an Article in the Sacramento Bee that summarized very well some of my experiences in this market.  As Bank Owned Foreclosures are on the rise.  I am seeing some banks offer these properties at “unbelievable” prices causing a rush of offers to pull this home off the market in a matter of days.
Here is what the [...]

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Important information about Buying a Short Sale - How to make an offer and get it accepted on a Short Sale or Short Pay in California

May 4, 2008

It is Important that you Understand what is happening on the other side of a short sale or short pay when you are considering making an offer on a home in this situation.
Read This First - And then come back and finish this article.
Ok, welcome back. I want to give you a perspective on [...]

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Important information about Selling your home as a Short Sale - How to be in Control of the Process on a Short Sale or Short Pay in California

May 4, 2008

Short Sales or short pays continue to be the number one most confusing subject in today’s real estate market for new home buyers and home sellers.
Let me try to put a better perspective on this process and maybe help both buyers and sellers so that you can better understand the process and have a better chance [...]

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Important things to Know about Qualifying for Down Payment Assistance Programs in California

May 4, 2008

Many cities, counties and federal government programs exist to provide down payment and closing cost assitance for new home buyers. 
Down Payment Assistance Programs allow home buyers to borrow money for the down payment which results in lower payments, more purchasing power, reduced or eliminated mortgage insurance and may also be used to cover closing costs.
This [...]

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How much should you offer on a short sale?

April 27, 2008

There are always questions about what to offer when making an offer on a short sale or a foreclosure property.  There is no right answer to this question - you can make any offer you like.  The real question is - Do you really want your offer accepted? 
Because Short Sales and Foreclosures are so [...]

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2,200 Sq ft Home in Southern California - Under $300,000!

April 26, 2008

I am continuously frustrated by the continuous bad news that comes from the media about the real estate market.  There is ALWAYS another side to the story.
I am presenting this “not uncommon” scenario to try to pierce the dis-information campaign that the drive by media likes to dump onto the public.
Ok, i feel better - i got [...]

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